UPDATE: Ethereum price prediction is becoming a popular exercise among the crypto community as everybody tries to find the bottom of the current market plummet. ETH has been one of the worst performers during the past week, having lost more than 35% in the past seven days. At the time of this update (10.50 GMT), Ethereum is trading just above the $1,200 support, which has already been tested and has provided some interim footing. Ethereum had not traded at such a level since the huge rally of January 2021. The immense downside pressure the current risk-off mood is putting on the whole financial market landscape is exacerbated by crypto's own problems, including hugely leveraged markets, stablecoin collapses and scams like Do Kwon's Terra, but also by Ethereum's own issues. The second-biggest cryptocurrency is about to enter a new phase after the upcoming merge is completed, moving from proof-of-work to proof-of-stake, but the timing of it is still unknown. In the meantime, a DeFi variant of staked Ethereum (stETH), allegedly pegged to the original ETH tokens, is under enormous pressure, having slightly decoupled from Ethereum price. The question now is where will the cryptocurrency market bottom out? Looking at a Bitcoin price prediction might lead to a nearby answer.
⚡️ $STETH vs $ETH
Use this dashboard to track their price trends.
Thanks @Damon35263158 for creating this dashboard.https://t.co/DKga1L39Gu
Ethereum’s Ropsten testnet was a milestone event and a significant success for the altcoin. Developers noted 99% participation and proposal rates after fixing the issues that came up during the test. Analysts continue to remain bearish on Ethereum price.
The team of Ethereum developers has decided to delay the difficulty bomb by 2.5 months, which has led to suspicion that the merge will fail to occur in August 2022. The news of a possible delay has added downside pressure to Ethereum, and the altcoin price has plummeted.
Ethereum price is currently sitting below the 50-day EMA, and analysts predict a further decline in the largest altcoin. The Ropsten testnet, considered a key milestone for Ethereum, was a major success. There was 99% participation and the proposal rate improved after configuring fixes and reboots.
Core developers identified issues and resolved them through the process. No red flags or causes of concern were identified, significant enough to announce a delay in the arrival of the merge on the mainnet.
Ethereum developer Tim Beiko noted that the Sepolia merge and Goerli merge are lined up in three weeks and six weeks, respectively. The difficulty bomb is a special code that has been pre-programmed in the Ethereum blockchain. It increases the computing difficulty of mining ETH and makes it impossible to do so, pushing a transition from proof-of-work to proof-of-stake.
Since the difficulty bomb is being delayed, the community is under the impression that the merge will be delayed. This has fueled a bullish sentiment among Ethereum holders.
Bob Mason, a leading crypto analyst, argues that the Ethereum price needs to sustain above major support level at $1,460; barring an extended sell-off, a decline to sub-$1,400 would confirm a downtrend.
Ethereum’s second major support level is $1,390, and the analyst retains a bearish outlook on the altcoin.
@bitbitcrypto, pseudonymous crypto analysts believe Ethereum price could continue bleeding.
$eth keep bleeding, if it ends here they got me good cause I don't see this stopping here tbh. zero buyers so far. pic.twitter.com/N7BBJM0BnS
FXStreet analysts have identified two Ethereum price points that traders need to watch out for. For more information, watch this video.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Cardano has recovered the psychological $0.50 level on Tuesday helped by the more positive market sentiment surrounding the cryptocurrency ecosystem. ADA is also hinting at what could be considered a potential double bottom formation at $0.455, the level where it closed on Saturday and where it also had set a bottom close on May 27. It is still early to call for such formation, as Cardano bulls still have long ways to go before the needed break past the interim high above $0.64 to confirm such a reversal trend. The timing and success of the Vasil hard fork, rumored to be delayed, is likely to have a big impact on the Layer 1 token price.
A brief technical and on-chain analysis on Shiba Inu price. Here, FXStreet's analysts evaluate where SHIBA could be heading next.
Ripple community is awaiting the next step in the court lawsuit that has the payment giant facing the US Securities & Exchange Commission.
Buterin believes the Bitcoin Stock-to-Flow model proposed by Plan B is unreliable. Bitcoin invalidated the model for the first time, dropping below the lower bound and raising questions about its validity.
Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.